Develop Power Corp. mentioned Domenic “Nick” Dell’Osso, Jr. stepped down as chief government officer as the biggest US pure fuel producer plans to relocate its headquarters to Houston from Oklahoma Metropolis in mid-2026.
Michael Wichterich, Develop’s chairman, will assume the position of interim CEO whereas the board searches for a everlasting substitute, the corporate mentioned Monday in an announcement. Dell’Osso will function an exterior adviser for an unspecified interval.
“The relocation, which can primarily give attention to the manager management group, will strengthen Develop Power’s relationships with key trade and business companions,” the corporate mentioned within the assertion. Furthermore, “just about all Oklahoma Metropolis workers shall be unaffected” by the change in headquarters, past these government leaders, Wichterich instructed workers in an inner e-mail seen by Bloomberg.
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Develop’s shares dropped as a lot as 8.9%, probably the most since July. The abrupt change in management comes lower than six months after the Chief Monetary Officer Mohit Singh left the corporate, which cited his “termination with out trigger.”
RBC Capital Markets fairness analyst Scott Hanold, who mentioned he met with Develop’s management Monday morning, wrote in a observe to shoppers that the dialog indicated “there have been no disagreements or something improper” and the manager change is the results of Dell’Osso selecting to remain in Oklahoma Metropolis. Develop’s board of administrators views the transfer of government capabilities to Houston as “pressing” to supporting “advertising and marketing efforts and business efforts,” Hanold mentioned.
Dell’Osso joined Chesapeake Power, which was renamed Develop Power after buying rival driller Southwestern Power, in 2008 after working as an funding banker at Jefferies.
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